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Culver sets its sights on Lloyd’s presence

Culver is aiming to become the first Welsh Lloyd’s broker, as it looks to break into the top 50 UK brokers.

Chief executive David Sullivan said: “We want to have a London market presence to become more significant and more specialised.

“It would give us a wholesale capability and it would give us a different string to our bow.”

Sullivan, who has been in the role at the AIM-listed broker for 11 months, said he wanted to increase the company’s brokerage, currently around £4m, to £10m in the next five years, before doubling it five years later.

He also said that acquisition could be an option and that he was in constant discussions with other brokers.

“We have some very supportive shareholders and we have a strong business proposition.

“We will be in the market talking to anyone that is interested in talking to us.”

Sullivan said the financial lines team – specialising in personal indemnity – that was recruited from James Hallam earlier in the year had increased business with existing clients.

“The whole of the business is going forward. Staying still is not an option,” he added.